Teva head Schultz mixes generics with specialty
Teva is merging its generics and branded ‘specialty’ operations into a single unit with immediate effect, as part of a restructuring led by the Israeli firm’s new president and chief executive officer, Kåre Schultz. Less than a month after he took the role, Schultz said the firm was taking “decisive and immediate action to address external pressures and internal inefficiencies”, after impairment charges wiped out US$6.1 billion of goodwill earlier this year, and the company faces a high debt burden in the wake of buying Actavis.
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Teva is expecting to have a new CEO by the end of next year, after current leader Kåre Schultz indicated that he was unlikely to renew his contract. The president and chief executive has overseen an eventful and transformative period for the Israeli firm.
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